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Section 5: Scope of chargeable interest.

The Interest-tax Act, 1974Central Act · Act 45 of 1974

[5. Scope of chargeable interest.--Subject to the provisions of this Act, the chargeable interest of any previous year of a credit institution shall be the total amount of interest (other than interest on loans and advances made to other credit institutions [or to any co-operative society engaged in carrying on the business of banking)] accruing or arising to the credit institution in that previous year:

Provided that any interest in relation to categories of bad or doubtful debts referred to in section 43D of the Income-tax Act shall be deemed to accrue or arise to the credit institution in the previous year in which it is credited by the credit institution to its profit and loss account for that year or, as the case may be, in which it is actually received by the credit institution, whichever is earlier.]

Where this provision sits

ActThe Interest-tax Act, 1974
Section5
Marginal noteScope of chargeable interest.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 49 of 1991. . Subs. by Act 49 of 1991, s. 94, for section 5 (w.e.f. 1-10-1991).
  • inserted, Act 18 of 1992. . Ins. by Act 18 of 1992, s. 104 (w.r.e.f. 1-10-91).

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